Hess posts quarterly profit as Bakken output rises

Jan 30 Hess Corp, under pressure from an
activist investor to break up the company, reported a
fourth-quarter profit on Wednesday as production from its wells
in North Dakota's Bakken oilfield soared.

Hess posted a profit of $566 million, or $1.66 per share,
compared with a loss of $131 million, or 39 cents per share, a
year earlier.

Revenue rose 10 percent to $9.69 billion, Hess said.

Elliott Management said on Tuesday it would nominate five
directors to the oil and gas company' board and urged the
company to consider a spinoff of its U.S. onshore assets and the
sale of retail operations.

Hess, which is looking to become a predominantly exploration
and production company, announced on Monday plans to sell its
oil storage terminal network and exit the refining business.

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